UBS has reiterated its 'buy' recommendation on Aviva, raising its target price from 515 pence to 555 pence, a new target that offers 18% upside potential for the British insurance company's stock, a 'jewel in an unloved geographical area'.

In the summary of its research note, the broker sees Aviva as 'a highly valued life insurance stock in the UK, with a high return on capital, a diversified business mix and upside potential relative to expectations'.

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